Second-quarter profits at fragrance supplier International Flavors & Fragrances Inc. declined 14.5 percent to $67 million, or 83 cents a diluted share, from $78.4 million, or 87 cents, in the same period a year ago, on higher interest expense related to borrowings for an accelerated share repurchase program last year.
IFF, which posted results Wednesday night, reported that, excluding special items like a tax adjustment and employee separation costs, adjusted earnings per share for the quarter ended June 30 were 81 cents versus 72 cents a year ago. Wall Street analysts were expecting earnings per share of 80 cents, according to Yahoo Finance. Quarterly revenues were $636.1 million, up 10.9 percent from $573.7 million last year, a 4 percent gain in local currencies.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)